In their main portfolios, they have sold Unicaja due to the low profitability of the business, and have given entry to Just Eat.

In their main portfolios, they have sold Unicaja due to the low profitability of the business, and have given entry to Just Eat.

In their main portfolios, they have sold Unicaja due to the low profitability of the business, and have given entry to Just Eat.

Bestinver investor conference.

Bestinver bets on the global consumption in its renewed free investment fund. The management company owned by Acciona has updated the prospectus for Bestinver Hedge Value Fund, which has been renamed Bestinver Global Consumption. The fund has daily liquidity and both the one-year permanence commitment and the redemption commissions have been eliminated.

With this change, “we culminate a process that began a little over a year ago with the change of the success fee. The fundamental objective has been to simplify and facilitate access to the fund for our participants, in addition to adapting its name to better reflect its nature”. However, the firm points out in its latest quarterly letter, “both the fund managers and their strategy have not changed.”

This product invests in equities of companies dedicated mainly to the design, production or distribution of products and services related to consumer needs. both in traditional consumer sectors (food, drinks, distribution, luxury, cosmetics or leisure) as in digital sectors (e-commerce, platforms, aggregators, payments, fintechadvertising, software for companies, logistics, last mile services, etc).

The managers have the ability to search for companies whose market valuation is estimated inefficient due to undervaluation or overvaluation, taking long or short positions.

Outside Unicaja

On the other hand, the fund manager has commented on the latest movements in their portfolios. For example, in Bestinfond, the company’s vehicle that collects the best ideas in Iberian and international equities, the manager has incorporated Just Eat, but has sold its positions in Sendas Distribuidoras, FLS and Unicaja.

In this last Malaga bank, they have discarded the few shares they held. “The capital position and the synergies after its merger with Liberbank are undoubtedly positive aspects, but it seems to us that the group has lagged behind in recent years in its investment in technology and the business profitability, with such a weak interest margin, it will continue to be too low compared to other names in the sector”wield in the quarterly letter.

In addition, its managers have indicated that they have taken advantage of the “regulatory tsunami in China” to increase their weight in the Asian giant, and have advanced that, within Spain, the manager will not be affected by the two decree laws that are discussed this Tuesday , since “they are hardly invested in electricity and real estate”, as reported by Europa Press.

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